|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash Flows from Operating Activities |
|
|
|
| Net income |
$ 32,774 |
$ 28,726 |
$ 22,357 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Stock-based and non-cash compensation |
1,187 |
1,079 |
991 |
| Depreciation and amortization |
8,456 |
8,598 |
8,759 |
| Premises and equipment impairment |
|
|
1,421 |
| Provision for loan losses |
2,000 |
7,500 |
16,500 |
| Fair value adjustment on employee stock ownership plan shares allocated |
|
|
(322) |
| Provision for deferred income taxes |
12,715 |
10,110 |
8,571 |
| Amortization of security premiums and discounts, net |
7,305 |
8,744 |
9,730 |
| Net security gains |
(776) |
(553) |
(1,597) |
| Gain on sales of loans, net |
(4,723) |
(10,227) |
(12,535) |
| Increase in cash surrender value of bank owned life Insurance |
(796) |
(1,189) |
(1,603) |
| Net gains on disposition of premises and equipment |
(19) |
(533) |
|
| Net gains on disposition of OREO properties |
(162) |
(260) |
(274) |
| Increase (decrease) in deferred compensation |
363 |
(49) |
(70) |
| Change in assets and liabilities: |
|
|
|
| Decrease in other assets |
2,274 |
9,880 |
8,368 |
| (Decrease) increase in other liabilities |
(650) |
(63) |
992 |
| Net cash provided by operating activities before activities for loans originated for sale |
59,948 |
61,763 |
61,288 |
| Loans originated for sale |
(222,976) |
(450,226) |
(576,862) |
| Proceeds from sales of loans |
231,139 |
486,616 |
564,643 |
| Net cash provided by operating activities |
68,111 |
98,153 |
49,069 |
| Cash Flows from Investing Activities |
|
|
|
| Purchases of securities classified available for sale |
(182,123) |
(83,718) |
(454,538) |
| Purchases of securities classified held to maturity |
(1,026) |
(839) |
|
| Proceeds from sales of securities classified available for sale |
74,113 |
16,365 |
59,570 |
| Proceeds from maturities of securities classified available for sale |
185,329 |
203,908 |
217,797 |
| Proceeds from maturities of securities classified held to maturity |
10 |
|
|
| Net increase in loans |
(126,604) |
(258,366) |
(33,680) |
| Purchases of premises and equipment |
(3,778) |
(2,549) |
(8,611) |
| Proceeds from disposition of premises and equipment |
78 |
2,856 |
77 |
| Proceeds from sale of OREO properties |
2,739 |
3,645 |
14,950 |
| Net cash used in investing activities |
(51,262) |
(118,698) |
(204,435) |
| Cash Flows from Financing Activities |
|
|
|
| Net decrease in certificates of deposit |
(86,300) |
(108,828) |
(116,287) |
| Net increase (decrease) in demand deposits, money market and savings accounts |
118,010 |
(2,326) |
333,125 |
| Net increase in federal funds purchased and securities sold under agreements to repurchase |
26,545 |
33,324 |
11,157 |
| Principal payments on long-term debt |
|
(7,000) |
(12,000) |
| Proceeds from long-term debt |
50,000 |
|
|
| Value of shares surrendered upon vesting of restricted stock units to cover tax obligations |
(45) |
(237) |
|
| Cash dividends paid |
(17,224) |
(14,040) |
(24,427) |
| Net cash provided by (used in) financing activities |
90,986 |
(99,107) |
191,568 |
| Net increase (decrease) in cash and due from banks |
107,835 |
(119,652) |
36,202 |
| Cash and due from banks, beginning |
231,603 |
351,255 |
315,053 |
| Cash and due from banks, ending |
339,438 |
231,603 |
351,255 |
| Cash Payments for: |
|
|
|
| Interest |
6,665 |
9,086 |
15,523 |
| Income taxes |
6,395 |
4,749 |
1,045 |
| Non-cash Investing and Financing Activities: |
|
|
|
| Other real estate acquired in settlement of loans |
660 |
2,068 |
9,674 |
| Employee stock ownership plan shares allocated |
|
|
$ 417 |